Rogers Prices $1.6B Subordinated Notes Offering to Refinance Debt
RCI sits 16% above its 52-week low of $31.38.
Summary
Rogers priced a US$1 billion public offering and a Cdn$600 million private placement of subordinated notes due 2057. The US notes carry coupons of 7.150% and 7.400%, while the Canadian notes carry 6.000%. Proceeds will be used to redeem or purchase the company's 5.00% notes due 2081 and 5.25% notes due 2082. The offering is expected to close September 23, 2026. This refinancing extends maturities and locks in current rates, but the higher coupons on the new notes will increase interest expense relative to the notes being redeemed.
At the time of this announcement, RCI was trading at $36.44 on NYSE in the Trade & Services sector, with a market capitalization of approximately $19.7B. The 52-week trading range was $31.38 to $41.14. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.